Stablecoin issuers dominated cryptocurrency protocol revenue in 2025, capturing 66% of fees across 168 tracked platforms.
Four entities generated $8.3 billion of the $12.6 billion total, according to data compiled by CoinGecko Research.
Tether (USDT) led all protocols with $5.2 billion in protocol revenue, representing 41.9% of the industry total. The stablecoin issuer reported $10 billion in net profit through September, with CEO Paolo Ardoino projecting $15 billion for the full year.
TRON (TRX) blockchain ranked second among protocols by revenue, though official annual figures were not disclosed. The network generated $1.2 billion in Q3 2025 alone, driven primarily by its role as the dominant settlement layer for USDT transactions.
Trading Protocol Revenue Collapsed
Revenue from trading protocols proved highly dependent on market conditions throughout 2025. Phantom wallet generated $95.2 million in January during peak Solana (SOL) meme coin speculation but saw revenue drop to $8.6 million by December, a 91% decline.
Pump.fun (PUMP), the Solana-based token launchpad, experienced similar volatility. The platform recorded 79% month-over-month revenue growth in August but remained vulnerable to shifts in speculative trading activity.
Trading protocols collectively represented only six of the top 10 revenue-generating protocols.
Circle (USDC) maintained the second-largest protocol revenue stream among stablecoin issuers. The USDC issuer reported $206.4 million in monthly revenue during August, though the company posted net losses of $482 million in Q2 due to IPO-related charges.
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Concentration and Interest Rate Dependency
The concentration of protocol revenue among stablecoin issuers reflects structural advantages from interest income on Treasury-backed reserves.
Tether holds approximately $135 billion in U.S. Treasuries, generating returns as the Federal Reserve maintained elevated interest rates through most of 2025.
Industry analysts identified spread income from stablecoin reserves as the dominant revenue driver, though this model faces pressure from potential rate cuts. The sector generated approximately $30.3 billion in total user fees during 2025, with stablecoin issuers retaining the majority through their Treasury-backed business models.
Decentralized perpetual exchanges captured 7-8% of industry revenue, led by Hyperliquid's (HYPE) $104.3 million in August. Traditional DeFi protocols including lending platforms and decentralized exchanges generated substantially lower revenue shares.
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